To the nonbillionaires among us, investing tips from the Oracle of Omaha are always worth their weight in gold. USA Today recently offered a trio gleaned from an interview with Warren Buffett.

Buffett’s “Three Mistakes to Avoid”:

“1. Trying to time the market. “People that think they can predict the short-term movement of the stock market — or listen to other people who talk about (timing the market) — they are making a big mistake,” says Buffett.

2. Trying to mimic high-frequency traders. Buying stock in a good business and hanging on for the long term, he says, is a better strategy than flipping stocks like a short-order cook flips pancakes.

“If they are trading actively, they are making a big mistake,” Buffett says.

3. Paying too much in fees and expenses. There’s no reason to pay an expensive management fee to invest in a mutual fund when super-low-cost index funds that mimic large indexes like the Standard & Poor’s 500-stock index are available, he says. If they are incurring large expenses in connection with their investing,” says Buffett, “they are making a big mistake.”

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